If you are looking for reliable lenders where you can get quick loans for bad credit, I have put together some really good options for you to consider. These banks and lending services offer the cheapest loans in the U.S when it comes to bad or poor credit customers.
You should be aware bad credit loans are often more expensive than if you have a good credit score. I would only take out an amount that I know for sure I will be able to pay back easily without further damaging my credit score.
Quick View on providers of Quick Loans for Bad Credit
Below are some of the best options to consider if you want to get quick loans for bad credit. I have chosen these lenders due to how fast you get approved, lower interest rates, and no hidden fees.
Loan Amount & Terms$1,500 – $20,000 The repayment terms is between 2 to 5 years |
Interest Rates APR18.00% – 35.99% The higher your credit score, the lower your interest rate. |
Loan Amount & Terms $2000 – $35000 The repayment terms is between 24 to 60 months |
Interest Rates APR 9.95% – 35.99% The higher your credit score, the lower your interest rate. |
Loan Amount & Terms$1000 – $50,000 The repayment terms is between 3 to 5 years |
Interest Rates APR3.50% – 35.99% The higher your credit score, the lower your interest rate. |
Loan Amount & TermsBorrow up to – $500 The repayment terms is up to 8 weeks |
Interest Rates APRUp to 150% This is higher than most quick cash loans for bad credit. |
Loan Amount & Terms$250 – $35,000 The repayment terms is between 90days to 72months |
Interest Rates APR5.99% – 35.99% The higher your credit score, the lower your interest rate. |
More Details About These Emergency Loans providers for Bad Credit
1. OneMain Financial
- How fast can you get the loan? From application to receiving the funds could take just a few hours. If your method of receiving the funds is through a debit card, you can get the funds in an hour. But ACH transfers could take about 1-2 business days.
- Fees to take note of: You should be aware of the fees involved with OneMain loans: an origination fee (flat or percentage-based, up to $500 or 10%), late payment fees (flat or a percentage of the payment, up to $30 or 15%), Non-Sufficient Funds fees for returned payments (varying from $10 to $50), and governmental fees for collateral lienholder additions, which are variable based on state or county charges.
- What is the Eligibility Criteria?
- A copy of a valid, government-issued ID (driver’s license or passport)
- Your Social Security card
- Proof of residence (driver’s license with current address, utility bill, or signed lease)
- Proof of income (pay stubs or tax returns)
2. Avant
- How fast can you get the loan? If your loan is approved, you will receive your funds the next business day directly in your account through ACH transfers.
- Fees to take note of: You should be aware of specific fees: a $25 late fee if payment is not fully made within 10 days past due, with variations depending on the product; a $15 Dishonored Payment Fee for each payment returned unpaid; and an administration fee that can go up to 9.99%, with the actual percentage possibly varying.
- What is the Eligibility Criteria?
- A bank account in your name and in good standing.
- A valid Social Security number.
- No active bankruptcy.
- Minimum monthly net income: $1,200. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.
3. Upstart
- How fast can you get the loan? Loans from Upstart should be accepted before 5 p.m. ET Monday – Friday in order to get your funds transferred on the next business day. If you accept the online loan after that time period, the funds will be transferred the following business day.
- Fees to take note of: Upstart charges an origination fee ranging from 0% to 12% on its products. Additionally, if a payment is late, you will incur a late fee, which is the greater of either 5% of the unpaid amount or $15. In the case of a returned check, a flat fee of $15 is charged.
- What is the Eligibility Criteria?
- Material Changes Affecting Loan Approval: Significant credit score drops or new debt obligations can lead to withdrawal of loan approval.
- Debt to Income Requirements: Your total monthly debt (excluding rent/mortgage) must not exceed 45% of pre-tax income in CT, MD, NY, VT. For other states, this limit is 50%. Exceptions for applicants accepted to partner vocational training institutions.
- Bankruptcy Restrictions: You have no bankruptcies reported on consumer reports within the last 12 months.
- Public Records Policy: You have no public records in the last 12 months on consumer reports, except for paid civil judgments or paid tax liens.
- Delinquent Accounts: No current delinquent accounts on your credit report.
- Credit Inquiries Limit: You have less than 6 inquiries on your credit report in the past 6 months, excluding those for student loans, vehicle loans, or mortgages.
4. Possible Finance
- How fast can you get the loan? With Possible Finance you can get your funds instantly upon finishing the loan application.
- Fees to take note of: There are no late or penalty fees.
- What is the Eligibility Criteria?
- A mobile device that can download and install the Possible Finance app OR an electronic device that can access our web app
- A U.S. cellphone number (for account verification)
- Your name, Date of birth, street address (no PO Boxes) and SSN
- Valid driver’s license or state-issued ID, when requested*
- A compatible checking account that is supported by Possible Finance’s partner, (Plaid). This checking account must have at least 3 months of transaction history, recent income deposits, and a positive bank account balance.
5. PersonalLoans
- How fast can you get the loan? You can get quick cash loans from this provider in one business day upon application and approval.
- Fees to take note of: There is a loan origination fee of between 1-5%. This fee is deducted from the loan amount.
- What is the Eligibility Criteria?
- You must have a valid ID and be at least 18 years old
- A regular income that is at least $500 a month
- Checking account to receive receive the funds.
- A good credit score. You must not have a perfect credit to get approved for a loan. But, the higher your income and credit score, the more likely you are to get approved by a lender working with PersonalLoans.com.
Bottom-Line:
Getting quick loans for bad credit may sometimes come with a higher interest rate depending on the individual lender. Make sure you always review the loan terms and conditions before accepting and signing for the loan. Only borrow the amount you actually need since you will be repaying with interest.
Although there are a lot more places where you can get quick cash loans, the providers above are safer and cheaper to deal with in my opinion. There offer one of the best rates if you do not have a good credit score.
